Final answer:
Managers develop an operational plan during the planning stage, which is aimed at implementing the broader strategy over a one- to three-year period. These plans set achievable and appropriate goals, with clear timelines and consideration of available resources, and are critical for the strategic success of an organization.
Step-by-step explanation:
During the planning stage, managers develop an operational plan which is smaller in scale and developed to implement strategy and will most likely cover a one- to three-year period.
This type of plan focuses on the short to medium term and involves the development of a tactical approach to achieve the strategies and objectives defined by the organization. An operational plan considers the resources available, sets achievable and appropriate goals, and often includes clear timelines for achieving those goals.
Understanding the context in which planning occurs is crucial. For instance, regional and statewide planning acknowledges that actions in one area can significantly affect neighboring regions, necessitating a comprehensive vision. Governments with the mandate to plan for the country's long-term viability may face constraints due to election cycles, which affect their capacity for engaging in extended planning endeavors. However, planning should always strive to be practical and achievable, ensuring that all aspects can be accomplished and allowing for a straightforward process even when changes are necessary.
Whether it's a governmental body, an academic institution, or a business entity, having a strong and well-thought-out operational plan is critical for the execution of the organization's strategic initiatives and for securing the necessary financial capital for future success.